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On Our Radar

Netflix shares soar after Icahn reports 10 percent stake

Shares of Netflix Inc jumped as much as 20 percent on Wednesday after activist investor Carl Icahn reported a stake of nearly 10 percent in the company, which offers subscriptions to watch movies and TV shows over the Internet and on DVDs.

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Icahn disclosed the stake in a regulatory filing with the U.S. Securities and Exchange Commission.

Netflix stock, which was trading 14 percent higher at $79.47 per share late on Thursday afternoon, had reached $304 in July 2011 but has slumped after the company imposed an unpopular price hike, faced new competition and increased spending on new content and an international expansion.